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NYC Unemployment Rate Ticks Upward in February as Statewide Rate Declines
New York State’s unemployment rate held steady in February at 4.2% statewide, according to figures from the New York State Department of Labor. However, a closer look shows that New York City’s jobless rate increased one basis point to 5.4% while the rest of the state saw a two-bp drop to 3.2%.
Year-over-year, New York City led the state in both the number of jobs added at 182,000 and in the year-over-year growth rate at 4.7%. For both New York State and the U.S. as a whole, the Y-O-Y gain was 3.1%.
Citywide, Y-O-Y employment gains occurred in private education and health services (+66,900), leisure and hospitality (+56,000), professional and business services (+27,000), financial activities (+18,000), other services (+9,800) and natural resources, mining, and construction (+6,600). Manufacturing was flat in February while information and trade, transportation, and utilities sectors lost 1,200 and 1,100 jobs, respectively.
- ◦Economy
